The engine stand market in APAC is expected to grow from US$ 103.88 million in 2019 to US$ 132.91 million by 2027; it is estimated to grow at a CAGR of 3.8% from 2020 to 2027. The APAC aviation industry is experiencing swift growth, recording significant production volumes of commercial and military aircraft fleet. The commercial aircraft fleet has witnessed massive growth in the past few years owing to the emergence of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Commercial aviation is foreseen to surge in the coming years due to the mounting number of air travel passengers and aircraft procurement. In APAC, air passenger traffic has been surging with time, which is propelling the demand for commercial aircraft. In APAC, primarily in China and India, the commercial aircraft has been proven to be cost-effective. Apart from the commercial aviation sector, the military aviation sector is consistently growing in terms of aircraft manufacturing and deliveries. Airbus and Boeing are the two aircraft manufacturing giants with significant volumes of orders and delivery statistics. These two aircraft original equipment manufacturers (OEMs) are continuously encountering orders for various aircraft models from different civil airlines. The aviation industry is dynamic and is evolving rapidly. Rise in the production of commercial and military aircraft is significantly expanding the scope of aircraft engine manufacturing. The procurement of aircraft is increasing especially in developing regions such as Asia. As per forecasts of Boeing, there would be a demand for 41,000 new aircraft by 2037; of this, APAC is likely to procure over 16,000 aircraft. These projections are encouraging the aircraft companies to expand their production and assembly plants for aircraft manufacturing. Additionally, rising popularity of MRO facilities in APAC countries is among the other factors expected to fuel the demand for engine stands in APAC.
Based on application, the automotive segment is expected to be fastest growing during the forecast period for APAC. Periodic breakdown has become common among all type of vehicles, especially the old ones; however, handling engines outside the vehicle becomes difficult. Engine stands benefit mechanics with ease during the repair processes. Working on an engine without an engine stand is possible, but a stand mounts the engine at a comfortable height and enables workers to rotate it upside down. Engine stands are placed on wheels to drive the engine across the garage.
Because of a massive number of cases in China and India, the APAC region is greatly affected by COVID-19. China also homes the largest population across the world, thereby imposing greater risk on many individuals; it is also a world leader of many brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such as India, Australia, and Japan, and the region is, thus, experiencing a downward inflation. The sudden shutdown of all economic activities, which includes manufacturing plants of both essential products and luxurious items, has impacted the overall economy of the countries in the region. China, being the manufacturing hub of the world, has many major players and distributers located in the country. The temporary shutdown of supply chain is expected to negatively impact the market. Additionally, the reduction in demand of power by 25–30% has been observed across countries like India, which, in turn, will lead to less demand for engine stands from the energy and power sector. This decrease in demand, combined with slow recovery, would have a negative effect on the engine stand market across the region owing to the pandemic.
The overall APAC engine stand market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the APAC engine stand market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC engine stand market. AGSE LLC; DAE Industries; DEDIENNE AEROSPACE; HYDRO SYSTEMS KG; Mahle GmbH; and Vega Aviation Products Pvt. Ltd. are among the key players operating in the APAC engine stand market.